Due to the war in Iran, Wynn Resorts’ (NASDAQ: WYNN) United Arab Emirates (UAE) casino resort project is one of several drags on the gaming stock this year, but some analysts believe the venue will eventually be a significant contributor to share price appreciation.

In a new report, Wolfe Research analyst Peter Supino highlighted potential advantages with Wynn Al Marjan Island that could eventually facilitate a rebound by the gaming stock, including extending Wynn’s status as a premium luxury demand and pent-up demand in the region for a regulated gaming venue.

It’s widely believed that Wynn Al Marjan Island, which is slated to open in September 2027 , will have a multi-year monopoly because UAE gaming regulators aren’t in a rush to approve another integrated resort.

Supino compared the UAE casino market’s potential trajectory to that of Singapore – a comparison that’s been drawn before .

“Benchmarking against Singapore, another wealthy limited license casino market popular with tourists, suggests Wynn’s Al Marjan could beat the UAE GGR targets it laid out in December 2025,” notes the Wolfe Research analyst.

The UAE/Singapore casino market comparison is apt because the latter is home to just two integrated resorts while the most ambitious forecasts for the UAE indicate that the country will eventually be home to no more than four or five casino resorts.

The Singapore parallel is also lofty for Wynn because Marina Bay Sands and Resorts World Sentosa — the two Singapore gaming venues — are two of the most profitable gaming venues in the world. If Wynn Al Marjan Island can get anywhere close to the Marina Bay Sands pantheon of profitability, Wynn shares would likely benefit.

Previous estimates indicate the UAE could generate $3 billion to $5 billion in annual gross gaming revenue (GGR) as other venues join Wynn Al Marjan Island. That would make it the fourth-largest casino market in the world behind Macau, Las Vegas and Singapore.